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Chapter 5: Q. 10 (page 324)

Find the amount that results from each investment, $300 invested at 12% compounded monthly after a period of112years.

Short Answer

Expert verified

The answer is $358.84

Step by step solution

01

Step 1. Given information

The Principal investment, P=$300

The rate of interest is expressed as a decimal, r=12%=12100=0.12

The time period, t=32years

The investment compounded monthly,n=12

02

Step 2. Use Compound Interest formula

The amount Aafter tyears due to a principal P,at a annual rate rcompounded ntimes per year,role="math" localid="1647107491353" A=P1+rnnt

03

Step 3. Calculation

Substitute the given values in A=P1+rnnt

A=P1+rnntA=$3001+0.121212脳32A=$3001.0118A=$3001.196A=$358.84

The amount is $358.84

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